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Dear Bankless Nation,
The Securities and Exchange Commission (SEC) just undertook an enforcement action against the Founder’s Key collection.
The project, led by Tom Bilyeu and the Impact Theory team, was marketed boisterously in the way many NFT projects were, leading to uncertainty about which dominos will fall next here in the NFT space.
For today’s post, we'll dissect what Impact Theory did wrong according to the SEC, the Commission’s troubling focus on NFT royalties, and why the dissenting opinion of Commissioner Hester Peirce, a.k.a. "Crypto Mom," should have us all concerned.
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